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  #1  
Old 06-19-2013, 10:26 AM
Darrena Darrena is offline
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Finance Question

I ordered my car in late May and qualified as "Super Elite" and the 1.9/.9% financing on the 3-Series. In June that changed to 1.9%/.9% financing plus $750 conquest cash.

My car will arrive in July but I wanted to lock in at least the June finance rates. The Finance Manager at my dealer said he would look into this. Just to confirm is this possible, I called BMWFS and hit zero until I spoke to someone (I don't have an account yet). They passed me around until I reached some sort of liaison who informed me that if the dealer re-ran my credit app it should lock me in for at least the June rates. He also said that dealers have a lot of flexibility to get specific month rates based on when a customer ordered the car.

Is this correct?

Thanks!
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  #2  
Old 06-19-2013, 06:21 PM
saranr saranr is offline
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You should be able to relock the June rates...but I will let the board sponsors confirm this.
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  #3  
Old 06-19-2013, 08:28 PM
Jason335iMsport Jason335iMsport is offline
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Quote:
Originally Posted by Darrena View Post
I ordered my car in late May and qualified as "Super Elite" and the 1.9/.9% financing on the 3-Series. In June that changed to 1.9%/.9% financing plus $750 conquest cash.

My car will arrive in July but I wanted to lock in at least the June finance rates. The Finance Manager at my dealer said he would look into this. Just to confirm is this possible, I called BMWFS and hit zero until I spoke to someone (I don't have an account yet). They passed me around until I reached some sort of liaison who informed me that if the dealer re-ran my credit app it should lock me in for at least the June rates. He also said that dealers have a lot of flexibility to get specific month rates based on when a customer ordered the car.

Is this correct?

Thanks!
Yes it is possible to do that. They just need to call it in again
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  #4  
Old 06-20-2013, 06:17 AM
Darrena Darrena is offline
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Originally Posted by Jason335iMsport View Post
Yes it is possible to do that. They just need to call it in again
Thanks everyone! I will make sure they call it in again
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  #5  
Old 06-20-2013, 07:18 AM
martyl martyl is offline
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What is the criteria for super elite? I assume it's tied to your credit score. Thanks.
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  #6  
Old 06-20-2013, 07:21 AM
Darrena Darrena is offline
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Originally Posted by martyl View Post
What is the criteria for super elite? I assume it's tied to your credit score. Thanks.
Yes, I am not sure what the requirement is but I think it is the highest category.
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  #7  
Old 06-20-2013, 09:35 AM
Jason335iMsport Jason335iMsport is offline
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Originally Posted by martyl View Post
What is the criteria for super elite? I assume it's tied to your credit score. Thanks.
Score has to be above 675 amongst other things to get approved
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Old 06-20-2013, 11:45 AM
Alpine300ZHP Alpine300ZHP is offline
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Finance Question

Quote:
Originally Posted by Jason335iMsport View Post
Score has to be above 675 amongst other things to get approved
No. Super elite is 740 or higher IIRC. 675 is the minimum score for subvented leases.


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  #9  
Old 06-20-2013, 01:47 PM
Jason335iMsport Jason335iMsport is offline
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Originally Posted by Alpine300ZHP View Post
No. Super elite is 740 or higher IIRC. 675 is the minimum score for subvented leases.


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No. That is the lowest score now that BMFS considers top tier
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  #10  
Old 06-20-2013, 09:34 PM
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You probably have a 60 day lock.. if so you can take ANY months program in that window, West coast dealers have a 90 days lock. But since you were approved in May you are fine for a July delivery w/o a re-lock.
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  #11  
Old 06-21-2013, 04:24 AM
Alpine300ZHP Alpine300ZHP is offline
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Finance Question

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Originally Posted by Jason335iMsport View Post
No. That is the lowest score now that BMFS considers top tier
I think you are wrong. Not trying to be combative, but I have been told repeatedly that 675 is the minimum score for lease specials and 740 is super elite. The paper you attached is of no value because it shows score required for the subvented lease rate of .00127. Unless something has recently changed I know I am right on this.


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  #12  
Old 06-21-2013, 05:30 AM
Darrena Darrena is offline
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Originally Posted by [email protected] BMW View Post
You probably have a 60 day lock.. if so you can take ANY months program in that window, West coast dealers have a 90 days lock. But since you were approved in May you are fine for a July delivery w/o a re-lock.
Excellent, so my dealer doesn't need to do anything and when I take delivery in early July I can select which of the promotions to accept?

Thank you!
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  #13  
Old 06-21-2013, 08:32 AM
[email protected] Justin@NCBMW is offline
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Originally Posted by Alpine300ZHP View Post
I think you are wrong. Not trying to be combative, but I have been told repeatedly that 675 is the minimum score for lease specials and 740 is super elite. The paper you attached is of no value because it shows score required for the subvented lease rate of .00127. Unless something has recently changed I know I am right on this.


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Actually, when using SSP 3 tiers qualify for the top tier rates...starting with a 675FICO standard and ending at S Elite.

However when using regional programs the tiers are broken down to 6 different levels with S Elite @ 740+
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Old 06-21-2013, 08:42 AM
[email protected] Justin@NCBMW is offline
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Originally Posted by Darrena View Post
Excellent, so my dealer doesn't need to do anything and when I take delivery in early July I can select which of the promotions to accept?

Thank you!
I think there are alot of confusion as to what "locking" 60 or 90 days actually means to most of you.

Your lock does not start just by completing a credit application with a dealer. However if you submitted your application online with BMW FS yourself different story.
Your dealer must submit the application to FS for approval. Once approved you are locked in to that months program.
Your lock does not start on the day the application was submitted to FS. The clock starts from program end date.

There is NO need to keep resubmitting every 30 days. You are locked in to any programs for the duration of the lock. Only condition is you can't mix and match different offers from different months.
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Old 06-21-2013, 12:15 PM
Stitches Stitches is offline
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?

Excuse my ignorance, but what are the benefits of the higher credit score? Can you get a rate better than the base rate I see mentioned on this site all the time? Does it depend on the model? Anything on the X3?
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  #16  
Old 06-21-2013, 01:02 PM
Alpine300ZHP Alpine300ZHP is offline
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Quote:
Originally Posted by [email protected] View Post
Actually, when using SSP 3 tiers qualify for the top tier rates...starting with a 675FICO standard and ending at S Elite.

However when using regional programs the tiers are broken down to 6 different levels with S Elite @ 740+
Thank you Justin. This is what I was trying to say, but I think you said it more clearly than I did.
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  #17  
Old 06-21-2013, 01:05 PM
Alpine300ZHP Alpine300ZHP is offline
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Originally Posted by Stitches View Post
Excuse my ignorance, but what are the benefits of the higher credit score? Can you get a rate better than the base rate I see mentioned on this site all the time? Does it depend on the model? Anything on the X3?
Long story short is that the subvented (or SSP which stands for sales support program) lease rate is usually the best rate available. However, sometimes and on certain models the super elite rates are better than the subvented lease rates and that is pretty much the only time it matters if you have the 740+ score. Your CA would be able to tell you if the car you want carries a better rate for super elite.
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Last edited by Alpine300ZHP; 06-21-2013 at 01:06 PM.
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  #18  
Old 06-21-2013, 07:24 PM
Darrena Darrena is offline
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Quote:
Originally Posted by [email protected] View Post
I think there are alot of confusion as to what "locking" 60 or 90 days actually means to most of you.

Your lock does not start just by completing a credit application with a dealer. However if you submitted your application online with BMW FS yourself different story.
Your dealer must submit the application to FS for approval. Once approved you are locked in to that months program.
Your lock does not start on the day the application was submitted to FS. The clock starts from program end date.

There is NO need to keep resubmitting every 30 days. You are locked in to any programs for the duration of the lock. Only condition is you can't mix and match different offers from different months.
Excellent, thank you! They submitted my credit app on May 27th and then in June I saw the extra $750 credit and wanted to make sure I got that

Of course if there is a better deal in July I will want that instead as long as it doesn't change the equation for the dealer. I do feel like we had a deal so if the incentive takes something off the table from them I won't pursue it.
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  #19  
Old 06-22-2013, 07:14 AM
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bayoucity bayoucity is offline
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Originally Posted by Alpine300ZHP View Post
...Your CA would be able to tell you if the car you want carries a better rate for super elite.
Wait, didn't Greg just debunked that myth the other day?
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  #20  
Old 06-22-2013, 07:46 AM
Alpine300ZHP Alpine300ZHP is offline
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Finance Question

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Originally Posted by bayoucity View Post
Wait, didn't Greg just debunked that myth the other day?
Greg's region may be different than OP's region. Standard rates vary by region.


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  #21  
Old 06-25-2013, 04:31 PM
jasnh jasnh is offline
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Originally Posted by [email protected] View Post
I think there are alot of confusion as to what "locking" 60 or 90 days actually means to most of you.

Your lock does not start just by completing a credit application with a dealer. However if you submitted your application online with BMW FS yourself different story.
Your dealer must submit the application to FS for approval. Once approved you are locked in to that months program.
Your lock does not start on the day the application was submitted to FS. The clock starts from program end date.

There is NO need to keep resubmitting every 30 days. You are locked in to any programs for the duration of the lock. Only condition is you can't mix and match different offers from different months.
Quick question....this includes residual and MF correct? I won't have to "re-negotiate" the MF after the car is delivered right?
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Old 06-25-2013, 05:18 PM
[email protected] Justin@NCBMW is offline
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Originally Posted by jasnh View Post
Quick question....this includes residual and MF correct? I won't have to "re-negotiate" the MF after the car is delivered right?
Yes MF and Residuals
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  #23  
Old 06-25-2013, 05:26 PM
jasnh jasnh is offline
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Originally Posted by [email protected] View Post
Yes MF and Residuals
Thanks Justin
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Old 06-26-2013, 05:18 PM
jasnh jasnh is offline
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Quote:
Originally Posted by [email protected] View Post
I think there are alot of confusion as to what "locking" 60 or 90 days actually means to most of you.

Your lock does not start just by completing a credit application with a dealer. However if you submitted your application online with BMW FS yourself different story.
Your dealer must submit the application to FS for approval. Once approved you are locked in to that months program.
Your lock does not start on the day the application was submitted to FS. The clock starts from program end date.

There is NO need to keep resubmitting every 30 days. You are locked in to any programs for the duration of the lock. Only condition is you can't mix and match different offers from different months.
Have another question...I've read on other threads that the lock-in for east coast is only 60 days...when I ordered my car last week I was told it is a SA build and will take 3 months...This would mean my locked-in rates expire before the car arrives...Is that correct? This is my first BMW and first lease, pardon my ignorance
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  #25  
Old 06-27-2013, 04:42 AM
Alpine300ZHP Alpine300ZHP is offline
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Finance Question

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Originally Posted by jasnh View Post
Have another question...I've read on other threads that the lock-in for east coast is only 60 days...when I ordered my car last week I was told it is a SA build and will take 3 months...This would mean my locked-in rates expire before the car arrives...Is that correct? This is my first BMW and first lease, pardon my ignorance
Yes you are correct. Relock on Sunday to start the clock over again.


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